Tomorrows Electronic Center began October with 100 units of merchandise inventory that cost $70 each. During October, the store made the following purchases: (Click the icon to view the purchases.) Tomorrows uses the periodic inventory system, and the physical count at October 31 indicates that 130 units of merchandise inventory are on hand. Read the requirements. Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statements using the FIFO, LIFO, and weighted-average inventory costing metho FIFO Ending inventory Cost of goods sold X Data table x Requirements Oct. 3 Oct. 12 35 units @ 582 each 45 units @ 584 each 75 units @ $90 each Oct. 18 Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statements using the FIFO, LIFO, and weighted-average inventory costing methods Sales revenue for October totaled $29.000 Compute Tomorrows's gross profit for October using each method 3. Which method will result in the lowest income taxes for Tomorrows? Why? Which method will result in the highest net income for Tomorrows? Why? Print Done